The foreign exchange market, commonly known as forex or fx markets, is the most dynamic in the world since trillions of dollars are constantly circulating there. Since brokers frequently permit traders to borrow significantly to support their bets, fortunes can be quickly won and squandered.
Traders can purchase and sell foreign currencies through platforms made available to them by forex brokers. The intermediaries between the trader and the market are the brokers.
At first, brokers can be those who serve as the intermediaries between traders and the markets. Even so, a variety of trading platforms and tools are available now that allow for communication with a broker.
You must carry out due diligence to find out whether a broker has the necessary functions that you seek in a broker.
Most brokers allow prospective traders to use a demo account to practice getting a grasp of what the market system is like. In fact, it is advisable to test as many platforms as possible before deciding on the broker to use.
If you’re new to forex trading or an experienced trader seeking for brokers to work with, this article summarizes and delves into the expertise of the top forex brokers in Nigeria.
1. EXNESS Group
Since 2008, Exness Trading Company has operated in the forex market. The Republic of Seychelles-registered business Nymstar Limited oversees the broker’s operations. Licenses from the CySEC (Cyprus Securities Commission), FCA (Office of Financial Regulation and Supervision of Great Britain), and FSA (Financial Services Authority) govern the service (Office of Financial Regulation and Supervision of the Republic of Seychelles).
The broker holds the leading position in Forex ratings. The company’s monthly trading turnover totals $325.8 billion USD. The broker currently has CFDs available for cryptocurrency, stocks, more than 120 currency pairs, energy and metals. Exness’s service provides favorable working conditions for traders: low commission, instant execution of orders and withdrawal of funds. An infinite leverage makes it possible to earn on small deposits. Depending on the requirements of the traders, there are various choices for starting an account. It is possible to open a demo account, which serves as both a training tool and a demo account for experienced traders.
2. RoboForex
2009 saw the establishment of the brokerage firm known as RoboForex. It offers assistance to financial markets in 169 different nations. RoboForex has customers in excess of 3.5 million. RoboForex is the leading software developer in the Forex industry.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The FSC Belize organization has granted the RoboForex group of enterprises a global service provider license, while CySEC has granted them a European service provider license.
3. City Index
In 1983, City Index, a global CFD and FX broker, was established. Through its CFD and MT4 accounts, the company provides spread betting and spot FX trading as its two methods of forex trading. The latter provides 80 or more foreign exchange pairs, including EUR/USD, GBP/USD, and USD/JPY.
City Index claims that more than 99% of its trades are executed in less than one second. Customer support is available 24 hours a day, 5 days a week.
The City Index Academy offers courses, lessons and webinars covering a range of subjects including an insight into forex.
4. IG
IG provides three options to carryout forex transactions via its web-based platform and mobile app: spread betting, contracts for difference (CFDs), and via Forex Direct, IG’s direct market access service that enables traders and investors to deal directly on major exchanges.
IG offers forex traders the option to go long or short, 24-hour trading and over 80 currency pairs including majors, minors and exotics (such as USD/MXN).
Traders have access to a variety of tools, such as price alerts, trading signals, and technical indicators.
The IG Academy produces educational tools and forex trading courses. Beginner traders can open a demo account for free, giving them risk-free access to £10,000 in virtual money to practice trading.
5. Interactive Brokers
FXTrader, a forex trading software from Interactive Brokers, provides comprehensive trade data for each currency pair you’re following. For a visual representation of the currency market in real time, increasing prices are indicated in green and dropping prices are shown in orange. 20 different order types, including limit if touched, trailing stop limits, one cancels all and more.
Interactive Brokers offers over 100 currency pairs. A commission is charged on each trade, from 0.08 to 0.20 basis points times trade size. Each currency’s margin needs are specified and might range from 1:1 to 50:1.
How To Choose A Forex Broker
You should consider some aspects to make sure your money is in the right hands before getting too engrossed in a broker’s winning percentage and features.
What specifically should you be looking for beyond the winning/losing percentage that we discussed earlier when choosing the best forex broker? This is a crucial decision.
You must start by looking for affordable fees. Long-term trading expenses mount up and, if you’re not careful, could eliminate whatever profitable edge you may have. The good news is that, as a result of intense competition, the majority of forex brokers provide competitively low spreads with no additional trading commissions.
Next, it’s critical to think about how many various currencies the forex broker offers. Professional traders will search a wide range of currency pairings for chances. Having these choices can enable you to trade more effectively by allowing you to be more picky.
It can also be crucial to look at the client service a broker offers. Dealing with a forex broker who is evasive and unwilling to respond to inquiries regarding your money is the very last thing you want. By building a strong rapport with your broker and their staff right away, you may prepare yourself for happier, more straightforward deals.
What technological tools are accessible is another crucial factor. Even while you don’t need need hundreds of sophisticated indicators, you at the very least need comprehensible charts supported by insightful data and genuine technical analysis.
Finding a company that makes it simple to deposit and withdraw money and has cheap withdrawal costs is the last and, perhaps, most crucial step. Nothing is worse than experiencing protracted delays in receiving your funds because, for example, the broker is taking too long to process a withdrawal. Always check the small print to confirm the precise number of days if any in a waiting period.